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.4 trillion. who will support that to fail? only the united states government. there is no one else that can do it. too big to fail is being addressed. >> that's the safety net for lousy risk taking. that's my point. no one wants to go after that. >> some say, not me, but others say it does address too big to fail by breaking out the big banks and taking out the hedge fund and the prop desk. doesn't it break them down to size? james, what do you think? the size limits are coming later, but you know, really, do you want the government doing that? the better option is bankruptcy. >> right. >> if you want to create a special bankruptcy court with experienced judges built to handle only large financials where people could allow a citigroup or j.p. morgan should it happen to fail, that's probably a better way, but we do praise mr. obama today for now asking the right question. everything to this point from the administration and from congress has been about how do we make too big to fail bigger? how do we expand this universe from taxpayer bailouts? he's saying how do we limit it? james, they don
-year course until it damages the liver. in the united states alone there are 3 million people and there are 150,000 people that have failed previous therapy. so they're waiting for new therapies to come along. >> because the current drugs make them feel so sick. >> they do, and they only get a 40%, 45% chance of a cure. >> you will have major data rolling out throughout this year on the drug that you have in late-stage development and you plan to file for fda approval of it. >> second half. >> in the second half of this year. merck is on the heels. is it going to come down to white house drug is better, us who drug is safer? >> i can't predict the future. the drug has been consist nept clinical trials. we plan to launch the drug some time in the first half of next year and works really well in those patients who have failed therapy on the current therapies. >> as i mentioned at the outset. you also have a drug in late-stage development for cystic fibrosis. investors are so focused on this hepatitis c drug. >> cystic fibrosis is a real problem. it's smaller than the people with
. penny for every time. you are looking at an economy in the united states that will be in the high 2% gdp in the first half of the sxwreer getting to the 4% by the end of the year. so the january effect, i think, i got to agree with bob pisani. cliches are always priced into the market. there didn't work last year. >> right, larry. the opposite way. >> you need to -- >> down by 9% last january, right? >> exactly. lot of research and due diligen diligence. a lot of tough yards. tough available but tough, tough yards. it will be a lot of research in stock and securities. >> you sound more like bear than a bull at this stage. peter, where do you fit in? >> what i'm most concerned about in 2010, 2 main tribe of equity prices wlashgs is going to happen in the bond market. already seen this uptick in the interest rates. bond market is beginning to tighten policy for the fed. and that is the major speed bump we follow. because of the policies of the fed, because artificially low interest rates on any economic recovery this year, i think inflation and interest rates follow us like a dark cloud. s
-added services. for example, you can buy a subscription for unlimited calling anywhere in the united states for $2.95 a month. >> yeah? >> customers who buy the products like us better than the customers who take our free products. >> so if the business is going so substantially well, why would ebay decide to basically jettison it? >> ebay bought the business with a hypothesis that there would be synergies with its core marketplace. it discovered that there weren't synergies, but still it's a great business. so ebay decided to keep 30% of the business, sell the remaining 70% to world class private equity investors and you know, together we're going build great value. >> and a couple of just quick questions for you, looking ahead now that you're away from ebay with more of a 30% interest from the company. how much freedom is that going to give you to grow significantly and what's the initial public offering track for skype? >> so what the new investors bring is great focus and expertise within our dome ain which is fantastic. we're all along the line that skype has the potential to be one of
dramatically and i think hurt the capital markets in the united states and also on a global basis. >> mr. blankfein, can you comment on any mechanism to put on the originators some responsibility. >> i think it would be hard to -- i mean, directionally, trying to put some of the more own us on the issuers on the originators is probably a good idea. some of these elements, you can go back and forth on. i think the way the origination process and syndication process is designed, we're not supposed to be in conflict. we're not supposed to have a stake in it. in other words, if we were going to originate a security and we would end up with some of it, we would have the incentive to have the security sold in a lower price and then the higher price and a lot of the securities laws are designed to make us not have a conflict with the -- with the client that's originating, but that's neither here nor there. if the overall theme is should there be some skin in the game, that could be a theme worth pursuing. the issues that john mack brought up are all considerations that we'd have to take account
financial responsibility position in the united states government. so why shouldn't you step down now? >> that is your right. that is your right to that opinion. i have worked in public service all my life. i have never been a politician. i have served my country as carefully and ably as i can and it is a great privilege for me for me to work with this president to help prepare the damage that was here when we took office. >> yes. >> and i will do so as long as he asks me to do so to the best of my ability with great pride in this country and in him. >> again, i think you're punting the blame, and i think you're trying to position yourself as the -- >> you don't know me very well. >> and yet -- >> you don't know me very well. >> we're not getting the whole story. we're getting a lame story in a monumental back door decision of bailout for which the american taxpayers will stay on the hook for huge amounts of money, even by estimates of the treasury department, there will be billions of dollars from this deal which either you should have been overseeing and you said you had knowledge o
and actually would have brought down a number of our largest banks not only in the united states, but around the world. now when that is seen, we will have a mechanism there for the regulators operating in their council operation to take certain access that would limit that systemic risk failure. i don't anticipate they are going to use this power and dismantle companies, though they do have the power to do that. >> that's kind of the issue. >> we're going to try to provide some good medicine. >> i agree there are a lot of worries and issues around the basicing behavior, sir been and i know we've been a moderate voice. we had a strategist on a moment ago that said all loans entail a certain amount of risk. through throw a blanket over loans, over jobs are over economic growth. could this thing go too far? >> all i can say is there are no guarantees in life, but if properly and fairly administered, i think it's a tool that will only be helpful to our system and the entire world's economic system. quite frankly from what i've seen in the last year, year and a half, we need a tool like this, or
to complaints about the pedal problems. honda says it will recall 646,000 cars including 140,000 in the united states, because of a faulty window switch. it's dangerous to own a car right now. here's how both stocks are trading. they're both down on the day. larry, i'll send it over to you and tyler mathison at "earnings central." >> it's a dangerous world out there, melissa, that's all i can say. i'm joined by tyler here at "earnings central." what's up with chevron? >> the problem was in the refining business, what they called the downstream part of their business. the stock is up a little bit today presumably because the gdp numbers were as strong as they were this morning. yesterday demand for -- in the latest quarter demand for diesel and gasoline was down. so the distribution part of their numbers not very good. but they're spending something like $49 million a day on proiks. trying to find and build the terminals and facilities to bring more of the crude stuff out of the ground. 2009 years, down 56% versus 2008. >> in the state of the union message, obama did say he was exploring the po
of real gdp for the united states. trend growth is about two and a half. there will be 3.5 for this year so somewhere in between. cyclical stimulus keeps us above trend and secular headwinds of debt and debt paydown keep us from having the normal recovery. >> what happens if there's a mini boom? i think you can get 4 force 5%. that's just my view. if that were to happen would you be more defensive on stocks? >> probably so, larry because that will bring on the fed's issues more quickly in terms of the exit strategy. to get to a 3.5 reel for the u.s. for this year we need a quarter of four something, i would guess and you know there's a fair amount of momentum in the economy each as we speak. so i think there will be days when this recovery looks pretty strong. >> what about the profit story? how big are the profit numbers, profits are the mother's milk of the economy. they can drop interest rates in the early part of the recovery cycle. >> absolutely. that's one of our predictions. we think that we'll have a less than ebullien recovery and profits will move up strong low. we think that c
market and infancy stages of a global financial crisis. not only the united states but the rest of the world has to deleverage. all this is working in the background behind the very topic we are discussing today. we look at this market, i agree with you, p/e ratio is very high. premise of the recession is behind us and we are on this great recovery. that pushed the markets very high. that's why on these earnings reports they are so critical because they not only have to meet, they really have to exceed in order for the market to continue its upward march. last week with obama waging war on banks, i -- cane even make this stuff up. i mean, the fact that france endorses policy, that in itself -- >> that's a terrific vote of confidence, france. i forgot about that. thank you for reminding me of that. >> what's your strategy? >> again, i think that it is moving up and definitely -- it is definitely slow and steady. people are going to have to digest that. when you look that, you have to look for the companies that even in this type of a turbulent environment and as we get this gradu
. president obama committing $100 million in relief from the united states, says haiti will now be a top priority for all federal agencies. >> today you must know that help is arriving, much, much more help is on the way. >> indeed, aid from around the world is flowing into the region from governments, businesses and relief organizations. 2200 u.s. marines and 3500 army troops are deploying to haiti right now. a second 72-man urban search and rescue team from los angeles hit the ground this morning. and at the request of president obama former presidents george w. bush and bill clinton have agreed to help the haiti relief effort. mr. clinton and the first president obama teamed up after hurricane katrina in 2005. more as we get it and always from cnbc.com we say it often, our audience is very generous in times of crisis when called upon to help and this is one of those times. >> thank you very much, scott cohn. >> one day after bank executives received a grill on capitol hill, sheila bair, among the regulators in the hot seat today as the committee is investigating the financial crisis a
.s. right now as we saw in the pmis out of europe and in the united states we have a pickup in factory output as well as new orders around the world. >> john, i mean, tom hit it right on the head there. we were waiting for those factory orders and some people doubted whether they were really going come in and then comes employment. we still have the housing drag. is it too much of a drag or is that naturals trying to overcome it. what do you think? >> john, go ahead, you first. >> housing is the big risk factor for the new year, 2010. the latest drop in the index of pending home sales reminds us that housing perhaps does not possess the wherewithal to grow on its own and that is to grow support from the federal government. i've got to ask myself what's going to happen to home sales once the fed's purchases of agency and mbs securities expires at the end of march. >> as a thought to that, okay, maybe the government ought to stay out and let prices adjust and mortgage rates are low. incomes are rising, albeit slowly. maybe we ought to just let go and let the marketplace run housing for a
Search Results 0 to 11 of about 12